Amret Microfinance received a $10 million boost yesterday by a loan from
German development bank KfW.
CEO of Amret Microfinance Institution said that the new loan – equal to
nearly double its profit for 2013 – will be used to increase access to
financing for Cambodia’s smallest businesses. Amret’s outstanding loans total
is currently $245 million. One of a handful of MFI’s licensed to take deposits;
the former credit NGO currently holds $113 million in client savings. Director
at KfW said that though the number of MFIs has grown significantly in Cambodia
in recent times, access to finance is still a problem in most rural areas.
According to Lazer, only 8% of all households use formal financial
services and less than 43% of micro- and small- to medium-size enterprises have
a bank account. Industry-wide, MFI loans outstanding at the end of the first
quarter this year reached $1.51 billion, up from $1.32 billion at the end of
2013.
Source:
http://www.phnompenhpost.com/business/amret-mfi-gets-10m-loan-aid-sme-reach
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